National Australia Bank de-lists from Tokyo Stock Exchange
Cost-cutting continues in the bankÆs Asian operations, but says de-listing won't affect its funding in the yen debt market.
In line with its strategy to reduce costs, National Australia Bank has lodged an application to de-list its shares from the Tokyo Stock Exchange.
AustraliaÆs second largest bank announced a rationalisation of its institutional banking activities in Asia last November which included the winding up of its Tokyo-based securities company.
At the time, the bank axed 400 jobs in the region and also closed offices in Singapore, Korea and Malaysia.
The move to de-list from the Tokyo stock exchange is another phase in the rationalisation plan.
National Australia BankÆs chief executive officer, John Stewart, says the move will have no impact on the bankÆs retail business in Japan, nor its debt capital raising in the yen market.
ôJapan offers an attractive source of funding but listing on the TSE is no longer a requirement for raising funds in Japan,ö says Stewart.
AustraliaÆs second largest bank announced a rationalisation of its institutional banking activities in Asia last November which included the winding up of its Tokyo-based securities company.
At the time, the bank axed 400 jobs in the region and also closed offices in Singapore, Korea and Malaysia.
The move to de-list from the Tokyo stock exchange is another phase in the rationalisation plan.
National Australia BankÆs chief executive officer, John Stewart, says the move will have no impact on the bankÆs retail business in Japan, nor its debt capital raising in the yen market.
ôJapan offers an attractive source of funding but listing on the TSE is no longer a requirement for raising funds in Japan,ö says Stewart.
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